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On November 18, Financial Associated Press (reporter Xiao Lianghua) reported that after relocating the registered office from Chengdu to Qingdao two years ago, *ST Pengbo (600804.SH) has faced constant issues, being warned and investigated by regulators for major shareholder fund occupancy and information disclosure violations.

This evening, *ST Pengbo announced that the company and its actual controller have received a notice of investigation from the China Securities Regulatory Commission. The company received the "Notice of Investigation" issued by the CSRC on November 18: due to suspected illegal information disclosure, the decision to file an investigation against the company was made on November 17. At the same time, the company's actual controller Yang Xueping also received a notice of investigation from the CSRC.

Today, *ST Pengbo also simultaneously announced that the company received an administrative supervision decision issued by the Qingdao Securities Regulatory Bureau on November 18, entitled "Decision on Issuing Warning Letters to Pengbo Telecom Media Group Co., Ltd. and Related Personnel."

The Qingdao Securities Regulatory Bureau believes that *ST Pengbo has issues such as inaccurate disclosure of the annual performance forecast for 2023, failure to fulfill disclosure obligations regarding the establishment of wholly-owned subsidiaries, investment in affiliated companies, and disposal of subsidiaries. It has decided to issue warning letters to the company and the then chairman Yang Xueping, then general manager Lv Weituan, chief financial officer Xu Zhangang, and then secretary of the board Wu Wentao.

Since 2021, *ST Pengbo has been losing money for consecutive years. In November 2022, the company moved its headquarters from Chengdu to Qingdao and collaborated with the Qingdao Blue Valley Development Zone to establish Pengbo Industry Investment Company, but this series of moves has not reversed the company's decline.

The company has inaccurately disclosed its annual performance forecasts for two consecutive years, which has drawn criticism from many investors.

On January 31 of this year, the company disclosed the performance pre-profit announcement for 2023, estimating the net income attributable to shareholders of the listed company to be approximately 31.25 million yuan, while the net income attributable to shareholders of the listed company after deducting non-recurring gains and losses is approximately -34.95 million yuan. On April 27, the company disclosed a performance forecast correction announcement, estimating the net income to be around -93.25 million yuan, and the net income after deducting non-recurring gains and losses to be approximately -129.19 million yuan.

A similar scene played out last year.

On January 21, 2023, the company disclosed the performance forecast for 2022, estimating that the net income attributable to shareholders of the listed company (parent net income) for 2022 would be approximately -300.37 million yuan, and the parent net income after deducting non-recurring gains and losses would be approximately -588.88 million yuan. On April 19, 2023, the company disclosed a performance forecast correction announcement, and upon re-calculation by the finance department, the estimated parent net income was -453.25 million yuan, and the estimated parent net income after deducting non-recurring gains and losses was -779.13 million yuan. On April 22, 2023, the company disclosed the 2022 annual report, reporting a parent net income of -453.25 million yuan for 2022, and a parent net income of -841.24 million yuan after deducting non-recurring gains and losses.

In addition, in 2022, the actual controller of the company misappropriated funds of the listed company for non-operation. The actual controller Yang Xueping arranged for the transfer of 48 million yuan, which should belong to Shanghai Daofeng Investment Co., Ltd., to Shenzhen Ruida Sheng Electronic Technology Co., Ltd., which he actually controls, constituting the non-operational occupation of the listed company’s funds. The company did not disclose relevant circumstances in its related periodic reports.

In July of this year, due to the company's failure to comply with the decision-making procedures of the shareholder meeting and information disclosure obligations, involving providing up to 1.64 billion yuan in illegal guarantees for the controlling shareholder and its concerted actors, the Shanghai Stock Exchange decided to publicly condemn Yang Xueping, the actual controller of *ST Pengbo and the then chairman, and publicly deemed Yang Xueping permanently unsuitable to hold the position of director or supervisor in a listed company, while other responsible persons also faced corresponding penalties.

It is worth mentioning that the stocks of *ST Pengbo are currently still under suspension for review. Prior to the suspension, the stock price had experienced a continuous rise for 8 consecutive trading days. Before the suspension, the company's stock price was 2.23 yuan per share.

Last Thursday evening, *ST Pengbo announced that from November 5 to November 14, its stocks had cumulatively hit the daily limit for 8 consecutive trading days, with a price increase of 48.67%. Following an application, the company's stocks will be suspended starting from November 15 until resuming after the disclosure review announcement, with an estimated suspension duration not exceeding three trading days.